Reports Q1 2008 Financial Results
14 5월 2008 - 4:03PM
UK Regulatory
RNS Number : 3821U
JumpTV Inc.
14 May 2008
JumpTV Reports Q1 2008 Financial Results
TORONTO -- (MARKET WIRE) -- 05/14/08 -- JumpTV (TSX: JTV) (AIM:
JTV), a world leading broadcaster of live and on-demand sports video
over the Internet, today announced financial results for the first
quarter ended March 31, 2008.
Revenue was $3.6 million (all amounts in U.S. dollars) for the first
quarter of 2008 compared to $4.8 million for the fourth quarter of
2007 and $1.0 million in the same period in 2007 -- marking a
year-over-year increase of 260%. This increase can be attributed to
the acquisitions of the Broadband Network Division of XOS
Technologies Inc. and Cycling TV Limited as well as the move to a
sustainable multi-layered revenue model that includes subscriber, ad
supported and services-based revenue. The decrease by 25% compared to
the fourth quarter of 2007 was primarily due to the seasonality of
the business in the fourth quarter of 2007 during US college football
season.
The net loss for the three months ended March 31, 2008 was $58.7
million or $1.19 per basic and diluted share as compared to $10.5
million or $0.21 per basic and diluted share for the three months
ended December 31, 2007 and $7.1 million or $0.18 per basic and
diluted share in the same period a year ago. The increase in net loss
was primarily due to a $48.1 million non-cash impairment of goodwill
and intangibles. In addition to the impairment of goodwill and
intangibles, non-cash expenses were $2.0 million consisting of
amortization and stock-based compensation compared to $3.0 million in
the fourth quarter of 2007. As of March 31, 2008 the Company had $39.8
million in cash and equivalents.
"JumpTV's number-one priority is to reduce its cash burn," said
Jordan Banks, CEO of JumpTV. "We expect to make significant headway
toward this priority within the next 45 days."
In February, JumpTV announced a strategy that described the new
direction of the Company. The strategy listed eight key points:
1. Become laser-focused on acquiring top-tier content to attract
domestic and Hispanic sports fans;
2. Reduce costs related to acquiring and streaming all non-Latin
American international content by creating partnerships with
complementary media companies;
3. Explore the sale of the JumpTV content delivery network to
maximize the value of the asset while minimizing the related ongoing
operational cost to JumpTV;
4. Continue to build our advertising sales team;
5. Heighten focus on the JumpTV service layer to increase
monetization of NCAA and international sports properties;
6. Increase engagement and interactivity for JumpTV users by
immediately integrating a robust set of social media tools;
7. Consolidate offices and reconstitute a new executive team in
Toronto to realize operational efficiencies and related savings from
previous M&A activities; and
8. Continue to cull non-performing content.
Additionally during a public conference call on February 21, 2008,
JumpTV disclosed a number of benchmarks related to the new strategy
including:
-- The sale of the Company's content delivery network (CDN) within 90
days of the February call
-- Partnering the Company's international channels with complementary
media companies within 100 days of the call
-- Closing on ad sales with leading name brands
"We are tracking toward fulfilling these benchmarks. Now that we
have begun the transitional period of the business in the second
quarter, we are confident we will see the fruits of our labour in the
third and fourth quarters as we move toward a cash break-even
position," continued Banks. "As with any fundamental business change,
it is critical we remain steadfast in our long term goal of
profitability and continue to build a foundation on which we can
grow."
The Company reported the following traffic related average monthly
metrics in connection with overall user activity on JumpTV.com, our
affiliate web sites and on JumpTV Sports-managed sites but not
including third-party distributors of JumpTV content such as AOL.com
and Terra.com:
Quarterly
Change
KPI Q1 2008 % Q4 2007
---------- --------- ----------
Average monthly stream views
(millions) 4.5 9.8% 4.1
---------- --------- ----------
Average monthly minutes viewed
(millions) 104.1 3.3% 100.8
---------- --------- ----------
Average monthly unique visitors
(millions) 8.8 (12%) 10.0
---------- --------- ----------
Average monthly page views
(millions) 84.6 (10%) 94.0
---------- --------- ----------
Average monthly advertising
impressions (millions) 231.0 11.4% 207.4
---------- --------- ----------
The approximate number of subscribers as of March 31, 2007 was
82,000 down from 85,000 as at December 31, 2007 due to the
seasonality of the sports business as well as the move toward more
free-to-consumer offerings in the United States. Year over year,
however, subscribers increased 273% from 30,000 in Q1 2007, primarily
as a result of aforementioned acquisitions.
About JumpTV
JumpTV (www.jumptv.com), (TSX: JTV) (AIM: JTV), is a world leading
broadcaster of live and on-demand sports video over the Internet.
Each year JumpTV streams more than 10,000 live and exclusive sporting
events -- comprised of top college (NCAA), professional and Hispanic
sports coverage -- to millions of fans globally. JumpTV also delivers
a broad offering of internet services to its partners including web
hosting, live event video streaming, ticket management and
e-commerce.
JumpTV gives fans a lifeline to their favorite sports content when
they want it, how they want it, where they want it, wherever they are
in the world.
Forward-Looking Statement
Forward-looking statements involve significant risk, uncertainties
and assumptions. Many factors could cause actual results, performance
or achievements to differ materially from the results discussed or
implied in the forward-looking statements. These factors should be
considered carefully and readers should not place undue reliance on
the forward-looking statements. Although the forward-looking
statements contained in this release are based upon what Management
believes to be reasonable assumptions, the Company cannot assure
readers that actual results will be consistent with these
forward-looking statements. These forward-looking statements are
made as of the date of this release and the Company assumes no
obligation to update or revise them to reflect new events or
circumstances, except as required by law. Many factors could cause
the actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements that may be expressed or implied by such forward-looking
statements, including: general economic and market segment conditions,
competitor activity, product capability and acceptance, international
risk and currency exchange rates and technology changes. More
specific risks include, that the Company may not complete the sale or
transition of its content delivery network at a time or on terms
consistent with its plans, or at all, risks that the Company may not
complete the partnership of its non-Latin American international
channels at a time or on terms consistent with its plans, or at all,
risks that the Company's share price may restrict its ability to
enter into transactions on terms satisfactory to it, or at all, and
risks that the Company may be affected by unanticipated termination
costs related to legacy channel agreements. More detailed assessment
of the risks that could cause actual results to materially differ
than current expectations is contained in the "Risk Assessment"
section of the Company's 2007 annual MD&A.
Key Performance Indicators and Other Measures
JumpTV is not aware of any uniform standards for calculating streams
views, minutes viewed, page views, unique visitors, and advertising
impressions and we believe that JumpTV's presentation of these
measures may not be calculated consistently with other companies in
the same or similar business. Moreover, these measures are of
operational performance and not measures of financial performance
under generally accepted accounting principles.
JUMPTV PR / IR CONTACTS:
NORTH AMERICA
Jennifer Barron
JumpTV
647-426-1243
jbarron@jumptv.com
UK
Neil Johnson / Andrew Chubb
Canaccord Adams Limited
+44 207 050 6500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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